Maharashtra presents Rs 3,644 cr revenue deficit budget

Mumbai, Mar 18: Maharashtra Finance Minister Sudhir Mungantiwar today presented in the state Assembly the budget for 2016-17 with an estimated revenue deficit of Rs 3,644 crore.

The budget, which has an outlay of Rs 25,000 crore for the agriculture sector, is "dedicated to our farmers and a decision has been taken to observe the financial year 2016-17 as Shetakari Swabhiman Varsh (farmers pride year)," the minister said.

He projected a revenue mobilisation of Rs 2,20,810 crore against a revenue expenditure of Rs 2,24,454 crore.

New tax proposals of Rs 301 crore are expected to make up for the revenue deficit. Sugarcane purchase tax of Rs 710 crore has been waived.

Mungantiwar has refrained from imposing tax on e-commerce. To promote Make In India and Make In Maharashtra, the Finance Minister has proposed incentives worth Rs 1,000 crore to promote investments in the underdeveloped Vidarbha and Marathwada regions.

He has proposed allocation of Rs 784 crore for new power generation projects, Rs 301 crore for new sub stations and Rs 450 crore for the promotion of new and renewable power projects in the state.

"The farmer of this state is the backbone of the rural economy. Self-dependent farmers and prosperous villages constitute the foundation of Make in India, he said.

"Not only the survival but also the prosperity of our farmers is undoubtedly essential for strengthening and empowering our State's economy," Mungantiwar said.

PTI